(August 3 – 11:15 ET) – Rumours abound that investment managers Sceptre Investment Counsel Ltd. and Montrusco Bolton Inc. are both for sale.
With recent buyouts of Trimark Financial Corp., Bissett & Associates Investment Management Inc. and Perigee Inc. the fund industry is fast consolidating. Sceptre and Montrusco are among the few small-sized publicly traded fund firms still available. They are believed to be for sale, according to CIBC World Markets analyst Darren Parent.
Fund giant Mackenzie Financial Corp. is perpetually rumoured to be a takeover target.
The National Post revealed Parent’s call yesterday, today the Globe and Mail says Sceptre has reportedly hired Goldman Sachs, and Montrusco has retained Scotia Capital. The paper reports that the investment bankers are charged with flogging the firms, possibly to foreign buyers. Montrusco admitted it is seeking a partner, while Sceptre wouldn’t confirm anything.
-IE Staff